Gilat Satellite Networks Ltd. (NASDAQ:GILT) shares traded lower Wednesday after the satellite communications company reported mixed first-quarter results, as a strong earnings beat was offset by weaker-than-expected revenue.
The company serves a global customer base that includes major satellite operators, government agencies and defense organizations. Key customers and partners include SES, Telespazio, the United States Department of Defense and the government of Peru.
Gilat Earnings Snapshot
Adjusted earnings came in at 18 cents per share, well above the analyst consensus estimate of 4 cents per share, reflecting stronger-than-expected profitability despite softer sales.
Revenue totaled $110.47 million, missing Wall Street estimates of $114.56 million.
Adjusted EBITDA rose to $15.1 million from $7.6 million in the prior-year quarter.
Key Developments
Gilat signed a multimillion-dollar partnership with Nelco in India to deploy its SkyEdge IV platform, …